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What Do You Think Of The World's Economy?

1445 words - 6 pages

In our world today there are many forms of economy. The General Agreement on Tariffs and Trade, International Monetary Fund, and Third World Debt, give the new world a chance to develop their current trading policies.Throughout history, the countries of the world have traded and developed their economies, new systems have become known, also allowing the human race to cultivate along with it and acquire bigger and better necessities. Having money is a luxury only if a country or nation does not use it to promote itself. Throughout the twentieth century many organizations helped the developing nations manage their money, such as the IMF or The International Monetary Fund. Some nations developed and helped aid in solving crisis, others got involve with trade using GATT or General Agreement on Tariffs and Taxation. With the good there is bad. While some nations have money to spend others are paying back a national debts, sometimes losing the ultimate price.The General Agreement on Tariffs and Trade or GATT, is a multilateral treaty that aims to promote trade among its members in manufactured and agricultural goods. The GATT was an international trade organization, and a treaty that had been in existence from 1948 to 1995. The ITO, or International Trade Organization was formed. The ITO was a proposed specialized agency of the United Nations. GATT provides both a forum for discussing trade barriers and trade-related disputes and a code of conduct for its members. The members are called contracting parties. GATT was first signed in 1947, and was the main international agreement. The World Trade Organization (WTO) was set up. It was used to administer The General Agreement on Tariffs and Trade, and reduce barriers to trade in other areas not covered by the GATT. The WTO began operation on January 1, 1995. The World Trade Organization is also a formally structured organization whose rules are legally binding on its member states. The organization provides a framework for international trade law. The World Trade Organization is based in Geneva, Switzerland, and is controlled by a general council made up of member states' ambassadors who also serve on various subsidiary and specialist committees. The General Agreement on Tariffs and Trade was founded on the simple principle of nondiscrimination. This explicated that if a nation reduced a tariff for another nation, the reduction on the tariff would apply to all of the other nations too. Like many things there was an exception or a loophole. The loophole allowed a nation to withdraw its tariff reduction if that tariff reduction seriously harmed to domestic producers of that country. In its existence, the GATT sponsored eight specially organized rounds of trade negotiations; the last one began in 1986 and ended in 1994. In 1994, the GATT treaty was one of the most ambitious international trade agreements to be signed by such a large number of nations. All of the 128 nations that were contracting parties to...

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